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| Tuesday, 18 May 2004 |
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Team strength to ensure expansion : Virtusa Corp raises $20m in Series D Round Virtusa Corporation, a global provider of software development and related IT services has raised $ 20 million in its Series D Round of financing. Focus Ventures led the round that also included participation from existing investors Sigma Partners, Charles River Ventures and Globespan Capital Partners. "The proceeds of the round will be used for general corporate purposes, global expansion, and sales and marketing", said Kris Canekeratne, Chairman and CEO of Virtusa Corp. at a press briefing at the Trans Asia Hotel last week. "Virtusa has made excellent progress. "We grew revenue by 74% with profitability in our 2004 fiscal year that ended March 31. Virtusa has posted eleven consecutive quarters of quarter over quarter growth demonstrating stability and predictability of its business model," Canekeratne said. Virtusa's strength in expansion in Sri Lanka has been its team strength which is 600 at present and they hope to expand it to 900 before the next financial year in March 2005. In response to a question as to why Virtusa was not listed on the Colombo Stock Exchange, Canekeratne said that Virtusa has a strong balance sheet and more importantly US based. Therefore they have not sought public offering. Additionally they have achieved 75% growth over the past seven months and this has generated much revenue to keep the company predictably profitable. Virtusa was running a marathon and not a sprint, he said. They are also looking at creating shareholder appreciation and value with flexibility and freedom. The only segment that is grwoing in the IT section is the outsourced off shore market particularly to India which is approximately 20 per cent. Virtusa's growth is 60 per cent in this sector whereas the industry average is only 20%. Virtusa has always been apolitical and is not particuarly influenced by changes in governments. Virtusa is in the business of building new solutions, new platforms and consolidating and rationalising its assets. Canekeratne said "Virtusa's industry leading growth is due to its highly differentiated value proposition, an outstanding cadre of technology professionals, and its blue-chip client base. Virtusa's growth is a direct result of the exceptional talent, effort, and dedication of over 1,900 IT professionals. We are fortunate to have an outstanding global team that relentlessly focuses on building long term client relationships". Virtusa is a global provider of software development and related IT services. Virtusa specialises in increasing business agility, streamlining redundancies, and achieving economies of scale for our clients through a comprehensive set of IT services. Virtusa's bluechip client base includes Fortune 1000 enterprises and leading software product companies from the Financial Services, Telecommunications, Retail and other industries. Founded in 1996 and headquartered in Massachusetts, USA, Virtusa has offices and technology centres around the world. DJ and SM |
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